December 7, 2022

MoviesOnline

Complete Canadian News World

German auto concern declares bankruptcy.  It has been around for 156 years

German auto concern declares bankruptcy. It has been around for 156 years

This vague name covers a group of companies headquartered in Bocholt, Germany. Its history dates back to 1866, when a family business was dealing in the supply of cotton wool to line the seats in carriages. Over the years, the company’s activity has expanded significantly, today it employs about 5,000 people in 19 factories and deals with, among other things, the production of soundproofing materials and floor coverings.

In addition to factories in Germany, there are production plants in China, the Czech Republic, Spain, the USA, Sweden, Great Britain, as well as in Poland – in 2017, a production plant was opened in Złotoryja.

Unfortunately, rising energy prices and rising material costs have caused the company to lose liquidity. Therefore, applications have been submitted to the German court to start bankruptcy proceedings for the group’s subsidiaries, Borgers SE & Co. KGaA, Borgers Management SE, Johann Borgers GmbH, Johann Borgers Berlin GmbH and Borgers Süd GmbH.

This procedure does not apply to companies operating outside Germany, and production continues in factories.

***

See also  High bills? Poles use energy-hungry washing machines and refrigerators